Rarible is an NFT marketplace built on the Ethereum blockchain, which enables digital artists to create and sell their NFTs.
The Rarible platform was officially launched in early 2020, founded by Alexei Falin and Alex Salnikov.
At Rarible Marketplace, artists can add all kinds of extra content, such as high-resolution files or hidden messages, to their artwork. Artists can also create smart contracts that allow them to collect royalties on the artwork when it is resold in the future.
NFT (Non-fungible token) is a digital token (a type of cryptocurrency) but unlike a regular coin in blockchain, an NFT is unique and can not be exchanged, which is why we called it the non-fungible token.
What makes NFT valuable is the extra information stored in them. That extra information links ownership to unique digital objects, such as artwork, music or videos.
Because NFT has value, they can be traded just like any other type of physical art and represent a digital proof of ownership of a particular commodity.
NFTs are securely registered on a blockchain (the same technology behind cryptocurrencies) that ensures that access is unique.
Rarible charges a 2.5% fee to both the buyer and seller at the end of each transaction. However, the seller can choose to take on the fee, which will cost 5% of the final sales price.
Like all other NFT marketplaces, you have to pay a gas price or gas fee, we will explain more about that in the next section.
A gas fee is the cost of the computational energy required to process and validate transactions on the Ethereum blockchain, and since Rarible runs on the Ethereum blockchain, you must pay gas fee for Minting, Accepting Bids, Approving, Transferring, Burning, Bidding and for Creating Collections.
The price of the gas fee varies throughout the day depending on supply and demand for processing power at that time.